GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here is all you need to know before the market opens.
GIFT Nifty traded up by just 8.50 points or 0.04% at 22,180 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 81.55 points or 0.37% to settle at 22,122.25, while the BSE Sensex gained by 281.52 points or 0.39% to 72,708.16.
“Domestic Equities attained new highs with Nifty touching fresh levels of 22186.65 levels before closing with gains of 81 points at 22122. The midcap and smallcap indices surged in line with the benchmark. Majority of the sectors ended in the green. Consumer Durables, Pharma, and FMCG were top gainers today, while Realty, PSU Bank, and IT were laggards,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Will Nifty scale to 25,000 and end the week with gains? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Are Nifty bulls ready to reclaim the 25,000 mark? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500, or will it face further decline? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
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Khemka also added that, The US equity market remains closed today on account of President’s Day. Overall we expect the market to continue its upward momentum while taking support from global cues. US Fed meeting minutes that would be released during the week, would hold importance after the US reported above-expectation CPI and PPI data which dampened sentiments.
Key things to know before share market opens on February 20, 2024
Wall Street
Stocks and U.S. equity futures were steady in muted trading as investors awaited fresh catalysts after a week that saw the S&P 500 breach new records and European equities falling just short of that mark, Bloomberg reported. The tech-heavy Nasdaq Composite ended down by 123.56 points or 0.78% at 15,782.61. The S&P 500 dipped by 23.58 points or 0.47% at 5,006.15, while the Dow Jones Industrial Average ended lower by 156.04 points or 0.40% at 38,617.08.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.03% at 104.32.
Crude Oil
WTI crude prices are trading at $78.12 down by 0.72%, while Brent crude prices are trading at $83.25 down by 0.37%, on Tuesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading in mixed territory on Tuesday morning. The Asia Dow is trading up by 1.39%, where as the Japan’s Nikkei 225 is trading in green, up by 0.07%, Hong Kong’s Hang Seng index is ended lower by 1.13% and the benchmark Chinese index Shanghai Composite is ended higher by 1.56%.
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 754.59 crore, while domestic institutional investors (DII) bought shares worth net Rs 452.70 crore on February 19, 2023, according to the provisional data available on the NSE.
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F&O Ban
The NSE has added Aditya Birla Fashion, Ashok Leyland, Bandhan Bank, Biocon, Canara Bank, Hindustan Copper, India Cement, Indus Tower, National Aluminium, Sail, and Zee Entertainment Enterprise on February 20, 2024.
Technical View
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty has surpassed the swing high on the hourly chart, signaling an increase in optimism. Additionally, the consolidation observed in recent days has concluded with an upside breakout. The momentum indicator RSI is also suggesting a positive shift in momentum. The overall sentiment appears to position Nifty for a potential upward movement towards 22,500-22,600 in the short term. The immediate crucial support is situated at 22,000.
Bank Nifty Outlook
“The index formed a doji candle on the daily chart, signaling indecision in the market. Despite this, the overall undertone remains bullish, suggesting a buy approach. The immediate resistance on the upside is situated at 46700, and a closing above this level is likely to trigger further short-covering moves towards the 48000 mark. On the downside, the immediate support is at 46000, coinciding with the area of the highest open interest on the put side, indicating a crucial level for potential price movements,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
